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Definition
| costs or benefits of a market activity borne by a third party; the diff between the social and private costs of a market activity |
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| a table showing the quantites of a good a consumer is willing and able to buy at alternative prices in a given time period |
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| the knowledge and skills possessed by the workforce |
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| expenditures on the production of a new plant, equitment, and structures(capital) in a given time period |
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| goods and services purchased from international sources |
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| goods and services sold to foreign buyers |
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| the ability of a country to produce a specific good at a lower oppurtunity cost than its trading partners |
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| the willingness and ability to buy specific quantities of a good at alternative prices in a given time period |
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Definition
| the quantity of a good demanded in a given time period increases as its price falls |
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| goods that substitute for each other; when the price of good x rises the demand for good y increases |
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| An item for which demand rises when income rises and falls when income falls. Name brand cereal (compared to store brand cereal) would be an example of a normal good. |
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| A term used in economics to describe that there has been a change, or shift in, a market's total demand |
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| change in quantity demanded |
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Definition
| A movement along a given demand curve caused by a change in demand price. |
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| A table which contains values for the price of a good and the quantity that would be supplied at that price |
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Definition
| describe when the suppliers of a given good or service have altered their production or output. A change in supply can be brought on by new technologies, making production more efficient and less expensive, or by a change in the number of competitors in the market. |
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Definition
| the combonation of price level and real output that is compatible with both aggregate demand and aggregate supply |
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Definition
The quantity demanded or supplied at the equilibrium price. |
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| lower limit set for the price of a good |
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| any place where finsihed goods and services are bought and sold |
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| an imperfection in the market mechanism that prevents optimal out comes |
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